Riken Keiki Co., Ltd. cancelled the acquisition of an additional 12.5% stake in RKI Instruments, Inc. from Robert O. Pellissier and Sandra Gallagher.
March 15, 2018
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Riken Keiki Co., Ltd. (TSE:7734) signed a contract to acquire an additional 12.5% stake in RKI Instruments, Inc. from Robert O. Pellissier and Sandra Gallagher for $4.5 million on March 15, 2017. Riken Keiki Co., Ltd. will acquire 0.02 million shares of RKI Instruments, Inc. Riken Keiki Co. held 0.05 million shares amounting to 38.5% stake, Robert O. Pellissier held 0.05 million shares amounting to 40% stake and Sandra Gallagher held 0.03 million shares amounting to 21.5% stake prior to the transaction and after the transaction, Riken Keiki Co., Ltd. will hold 0.07 million shares amounting to 51% stake in RKI Instruments, Inc. After the transaction, RKI Instruments, Inc. will operate as a subsidiary of Riken Keiki Co., Ltd. RKI Instruments, Inc. reported net assets of $12.44 million, total assets of $17.56 million, sales of $33.71 million, operating income of $3.88 million and net income of $2.12 million in 2016. The Board of Directors of Riken Keiki Co., Ltd. passed a resolution for the transaction on March 15, 2017. The transaction is expected to close on March 31, 2017. The advisory expenses are estimated to be $0.21 million (¥25 million).
Riken Keiki Co., Ltd. (TSE:7734) cancelled the acquisition of an additional 12.5% stake in RKI Instruments, Inc. from Robert O. Pellissier and Sandra Gallagher on March 15, 2018.
RIKEN KEIKI CO.,LTD. is a Japan-based company mainly engaged in manufacture and sale of various industrial measuring instruments, and ancillary services. The Company is engaged in the manufacture and sale of gas detection and alarm equipment. The Company also provides after-sales service. It mainly provides stationary gas detection and alarm equipment, portable gas detection and alarm equipment, and other measurement equipment. Stationary gas detection alarms include system component multi-gas detection alarms. Portable gas detection and alarm devices include portable compound gas detectors, personal gas monitors for the petroleum industry. Other measuring instruments include surface analyzers for research institutions and volatile organic compound (VOC) densitometers for the marine industry.